NEW YORK, NY – October 23, 2024 – Ariel Property Advisors (Ariel) has arranged the sale of a 25,000 BSF development site at 236 West 54th Street in Midtown West for $10.5 million, or $420/BSF. The property is part of a larger development assemblage that includes a site Ariel sold earlier this year.

An Ariel team comprised of Christoffer Brodhead, Senior Director, and Howard Raber, Director, represented the seller of 236 West 54th Street, The Moinian Group, and procured the buyer, Hiwin Group USA.

Last May, the brokers arranged the Hiwin Group’s $21 million acquisition of the building next door at 240 West 54th Street, which offers 50,000 BSF for residential use and 75,000 BSF for commercial use.

“By combining these two buildings into one development site, the developer will be able to deliver a higher end product with greater efficiencies,” Brodhead said. “The 75 feet of frontage will enhance the commercial value on the ground floor and the additional square footage will produce a larger residential footprint on the upper floors.”

Ideally located on the south side of West 54th Street between Broadway and 8th Avenue, the development site is a short walk to Times Square, Central Park, Columbus Circle and Midtown offices.

NOTE: For more information about the Manhattan investment sales market, please refer to Ariel’s latest research reports covering the New York City investment sales market: Ariel Property Advisors’ Manhattan 2024 Mid-Year Commercial Real Estate Trends report and Q3 2024 Multifamily Quarter In Review New York City.